Modine Manufacturing (NYSE:MOD) Stock Price Up 6.5% – Here’s What Happened

Modine Manufacturing Company (NYSE:MOD)’s stock price shot up 6.5% during trading on Tuesday . The company traded as high as $201.21 and last traded at $203.52. Approximately 81,007 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,395,396 shares. The stock had previously closed at $191.01.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MOD. UBS Group increased their price target on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Oppenheimer boosted their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Zacks Research lowered Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Stock Up 4.9%

The stock has a market cap of $10.64 billion, a PE ratio of 75.31, a price-to-earnings-growth ratio of 0.64 and a beta of 1.71. The business has a fifty day moving average of $246.98 and a 200-day moving average of $233.65. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, July 28th. The auto parts company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The company had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. Modine Manufacturing’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 earnings per share. Equities research analysts anticipate that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director directly owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric S. Mcginnis sold 1,020 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider owned 28,364 shares in the company, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Modine Manufacturing

Hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in shares of Modine Manufacturing in the 1st quarter valued at approximately $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Modine Manufacturing during the fourth quarter valued at $25,000. Sunbelt Securities Inc. acquired a new position in shares of Modine Manufacturing in the 3rd quarter valued at $39,000. Danske Bank A S acquired a new position in shares of Modine Manufacturing in the 3rd quarter valued at $43,000. Finally, Root Financial Partners LLC raised its stake in Modine Manufacturing by 140.5% in the 4th quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company’s stock worth $49,000 after acquiring an additional 215 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Company Profile

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.